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28 July 2021

SushiSwap Proposal to Give VCs Discounts Draws Controversy - Decrypt

SushiSwap Proposal to Give VCs Discounts Draws Controversy - Decrypt


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About a year ago, long before Binance’s “compliance is a journey” epiphany, beleaguered crypto developers mumbled apologetically that “decentralization is a spectrum.” The implication was that decentralized finance executives wouldloveto render themselves and their institutional backers obsolete, eventually, but not until their protocol became stable and secure. .

The pseudonymous developer’s original proposal suggests selling about a quarter of the governance tokens in its treasury at a 20-30% discount.

If the original proposal passes, they could buy the token for a discount if they promise to lock up their tokens for 18 months.

Lots of liquidity makes the protocol look popular, attracting more money, and could help facilitate trades on its decentralized exchange.The funds raised by SushiSwap could go toward hiring top talent improving the protocol, said Cochran

The main and most obvious argument they make is that many VCs are terrible and that selling them cheap influence—during a market lull and when SushiSwap isn’t short of cash—needlessly makes the protocol less democratic

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